LLC 1065 k-1

[Ranma99]

What is the name of your state? New Mexico
Hi i want to know if i personally bought 5,093 in computer equipment for my LLC partnership. Do i claim that on the 1065 and depriate the equipment, or can i put that on the k-1 under my personal loss to the company? Not everyone in the company was able to contribute equal amount of equipment. I just want to know how to claim this on my personal taxes.
thank you

 

[LdiJ]

What is the name of your state? New Mexico
Hi i want to know if i personally bought 5,093 in computer equipment for my LLC partnership. Do i claim that on the 1065 and depriate the equipment, or can i put that on the k-1 under my personal loss to the company? Not everyone in the company was able to contribute equal amount of equipment. I just want to know how to claim this on my personal taxes.
thank you

There wouldn't be anything to claim on your personal taxes. You made an investment in the LLC. You don't get a tax deduction for making an investment. If the LLC shows a loss for 2004, then you would be able to deduct your proportional share of that loss from your personal return...or if it made a profit you would need to include your proportional share of the income.

I do hope that you have a professional assisting you with these matters.